Venezuela Traded More Bitcoin Than Ever Before In October

Venezuela set a new Bitcoin trading record last week as the country embraces cryptocurrency more than ever.

Venezuela Trades 1075 BTC in 7 Days

According to data from monitoring resource Coin Dance, despite continued volatility in the country’s dubious redenominated currency the Sovereign Bolivar, trade volumes for the seven days ending November 3 still beat all previous highs.

In total, 1075 BTC ($7 million) changed hands on P2P trading platform Localbitcoins alone, 10 BTC more than the record set two weeks prior.

In bolivar terms, the number easily swept all previous totals off the chart, coming in at 1.6 billion VES. Two weeks ago, the figure stood at 1.1 billion.

Bitcoin, Petro and Dash

The causes behind the latest spike appear to be multiple. As Bitcoinist reported, a combination of inflation, capital controls, foreign currency shortages and more continue to blight Venezuelans’ ability to maintain control over their financial sovereignty with fiat.

At the same time, the government is fixed on forcing citizens to interact with its newly-revitalized national cryptocurrency Petro, despite the latter’s highly-suspect stability.

Instigating mandatory Petro payments has also appeared to have formed a method for forcing up prices, passport application fees exploding in VES terms when Caracas began only accepting Petro last month.

This week, international pressure also stepped up, with the US announcing sanctions on Venezuela’s gold exports.

On Sunday meanwhile, privacy-focused altcoin project Dash 00launched its local merchant acceptance scheme Dash Text. Targeted at payments, the plan aims to allow merchants to accept DASH payments with a basic mobile device, bypassing the need for a smartphone an internet connection.

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